Tuesday, May 28, 2024

Buhari signs Nigeria Startup Bill into law

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President Muhammadu Buhari, on Wednesday, signed the startup bill into law which was passed by the National Assembly in July 2022.

The Minister of Communication and Digital Economy, Isa Pantami, disclosed this on Wednesday in a tweet immediately after Buhari appended his signature.

Pantami tweeted, “His Excellency, @MBuhari has just assented to Nigeria Start-up Bill. It has now become Nigeria Start-Up Act, 2022.

“It was an Executive Bill, initiated by both Office of the Chief of Staff and the Office of the Minister of Comms & Digital Economy. Congratulations to all.”

The new Act is a joint initiative by Nigeria’s tech startup ecosystem and the Presidency to harness the potential of the country’s digital economy through co-created regulations.

It is believed that it will ensure that Nigeria’s laws and regulations are clear, planned and work for the tech ecosystem.

Read also:Buhari orders maximum security along Nigeria’s railway corridors

The bill was first submitted to President Buhari in October 2021 who then submitted the Executive Bill to the National Assembly.

Excerpts from the bill show that startups will have tax and fiscal incentives.

The document reads, “Labeled startups with at least 10 employees, 60 per cent of whom have no working experience, and within three years of graduating from school or any vocation are entitled to tax breaks from income taxes will get 5 per cent tax break on their assessable profits, access to government grants, loans and facilities.”

“Start-Ups will also get access to export incentives and financial assistance from the Export Development Fund, Export Expansion grants and the Export Adjustment Scheme Funds.”

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